Forex forecast on March 6 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening:
Discovery: 1.06096
Amend. For the last day: +1.10
Daily range: 1.05992 – 1.06217
52-week range: 1.0366 – 1.1616

On Friday, March 3, aggressive purchases were observed on the EUR/USD currency pair. The euro strengthened against the US dollar by more than 1%. This movement was caused by technical factors. Demand for the US currency is supported by a possible increase in the interest rate of the Fed at the March meeting. The key support and resistance levels are 1.05900 and 1.06250, respectively.

forex-forecast-eurusd-06-03-2017

The MACD histogram is in the positive area, but below the signal line, which gives a weak signal to buy EUR/USD.

Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which indicates bullish moods on the EUR/USD currency pair.

The news background today is pretty calm:
– volume of industrial orders in the USA (17:00 GMT + 2: 00);
– speech of FOMC member Kashkari (22:00 GMT + 2: 00).

Trading recommendations:

Support levels: 1.05900, 1.05600
Resistance levels: 1.06250

If the price consolidates above the resistance level 1.06250, further growth of the EUR/USD quotes to the level of 1.06500-1.06750 is possible.

If the price consolidates below the level of 1.05900, a downward trend may develop on the EUR/USD currency pair. The potential for the movement is to 1.05600.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.22643
Discovery: 1.22869
Amend. For the last day: +0.23
Daily range: 1.22590 – 1.23011
52-week range: 1.1986 – 1.5020

Past trading on the GBP/USD currency pair was very active. At the same time, a unidirectional movement was not observed. The currency formed a local support level of 1.22250. The nearest resistance is the round level of 1.23000.

forex-forecast-gpbusd-06-03-2017

The MACD histogram has begun to decline and fixed below the signal line, which indicates the continuation of the downward trend on the GBP/USD currency pair.

Stochastic Oscillator has fixed in the neutral zone, the %K line crossed the %D line. Currently, there are no signals.

There is no important news on the economy of Britain today.
 
Trading recommendations:

Support level: 1.22250
Resistance levels: 1.23000, 1.23750

We believe that the downward trend on the GBP/USD currency pair may continue. The potential for movement – 1.22250-1.22000.

Forecast for USD/CAD

Technical indicators of the currency pair:

Prev Opening: 1.33900
Discovery: 1.33790
Amend. % Of the last day: -0.10
The daily range: 1.33743 – 1.34155
52-week range: 1.2458 – 1.4692

Over the past week, the Canadian dollar weakened against the US currency by more than 300 points. At the moment, the technical pattern on USD/CAD is mixed. The key support and resistance levels are: 1.33500 and 1.34150. We do not exclude the correction of USD/CAD within a few days.

forex-forecast-usdcad-06-03-2017

The MACD histogram does not provide accurate signals. The indicator is located near the 0 mark.

Stochastic Oscillator has left the overbought zone, the %K line is below the %D line, which gives a signal to sell USD/CAD.

There are no important economic reports from Canada today.
   
Trading recommendations:

Support levels: 1.33500, 1.32850
Resistance levels: 1.34150

We expect a correction of the USD / CAD currency pair. We recommend considering sales to the level of 1.33500-1.33250.

Forecast for USD/JPY

Technical indicators of the currency pair:

Prev Opening:
Discovery: 113.914
Amend. % Of the last day: -0.34
The daily range: 113.580 – 114.141
52-week range: 99.08 – 123.69

During the Friday trading, USD/JPY held the key resistance level at 114.500, which triggered aggressive sales. At the moment, bearish moods prevail. The closest support is 113.500. At the same time, demand for the US dollar is at a fairly high level.

forex-forecast-usdjpy-06-03-2017

The MACD histogram has fixed in the negative zone and below the signal line, which indicates a further drop in the USD/JPY quotes.

Stochastic Oscillator is in the neutral zone, the %K line crossed the %D line. There are no signals yet.

It is necessary to pay attention to the news background on the US economy.

Trading recommendations:

Support level: 113.500
Resistance levels: 114.100, 114.500

At the moment, the technical pattern on the USD/JPY currency pair is ambiguous. If the price fixes below the support level of 113.500, the correction may continue. The potential for movement is to 113.000.

An alternative may be the USD/JPY growth to the level of 114.250-114.500.